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U.S. crude stockpiles rise, fuel inventories fall -EIA -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the scene of a maze of crude oil pipelines and valves during an inspection by the Department of Energy, Strategic Petroleum Reserve in Freeport (Texas), U.S. June 9, 2016. REUTERS/Richard Carson/File Photo

NEW YORK (Reuters] – Stockpiles increased sharply last week as gasoline and distillate inventories declined, according to Thursday’s report by the Energy Information Administration.

    Crude inventories rose by 4.5 million barrels in the week to Feb. 18 to 416 million barrels, much more than analysts’ expectations in a Reuters poll for a 400,000-barrel build.

    Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2 million barrels in the last week, the EIA said.

    Refinery crude runs rose by 344,000 barrels per day and utilization rates rose by 2.1 percentage points.

    U.S. gasoline stocks fell by about 600,000 barrels in the week to 246.48 million barrels, the EIA said, much less than forecasts for a 1.4 million-barrel draw.​

    Distillate stockpiles, which include diesel and , fell by about 600,000 barrels in the week to 119.68 million barrels, also lower than expectations for a 1.8 million-barrel drop, EIA data showed.

    Net U.S. crude imports rose last week by 623,000 bpd, the EIA said.

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